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Fidelity Eyes Spot Solana ETF Launch
Fidelity Investments is planning to introduce an exchange-traded fund (ETF) designed to track the performance of SOL, the native digital currency of the Solana blockchain. This intention is outlined in a 19b-4 form submitted by Cboe Exchange to the Securities and Exchange Commission (SEC).
It is important to note that the company still needs to file an S-1 registration statement. The SEC’s approval of this document is essential before the fund can be listed and traded on a public exchange.
“A considerable number of our clients are both interested in and actively involved with digital assets,” a Fidelity representative told etf.com. “Fidelity is dedicated to providing our customers with a comprehensive suite of solutions, complemented by educational resources and support, empowering them to effectively utilize products aligned with their financial objectives and requirements.”
Kadena Exec Predicts Bitcoin Mining as Future Energy Giant
Bitcoin miners will evolve beyond simply extracting Bitcoin; they will become comprehensive energy corporations. This is the forecast of Evan Owens, VP of Business Development at Kadena.
“While Bitcoin miners currently concentrate on Bitcoin extraction, within a decade, they will function as energy providers, with Bitcoin mining representing only a minor aspect of their operations,” Owens explained during a discussion with TheStreet Roundtable’s Jackson Hinkle. He contends that critics have misinterpreted the trajectory of mining, suggesting that the industry will play a crucial role in revitalizing America’s energy infrastructure and supplying power to developing nations.
Stablecoin Bill in US House Expected Soon, Lawmaker Says
Legislation aimed at regulating stablecoins is anticipated to be ready for deliberation in the U.S. House of Representatives this Wednesday, according to a leading legislator involved in the effort. This development positions the House to potentially synchronize with similar legislative actions in the Senate.
Representative Bryan Steil, the Republican heading the crypto subcommittee within the House Financial Services Committee, announced at a Washington event on Wednesday that the bill’s text would be released before the day’s end. Concurrently, the Senate has already progressed its version of stablecoin regulatory legislation through the Senate Banking Committee.
GameStop Plans $1.3 Billion Bond Sale for Bitcoin Investments
GameStop Corp. intends to offer $1.3 billion in convertible bonds, featuring no coupon payments, to finance the acquisition of Bitcoin, mirroring a strategy championed by cryptocurrency proponent Michael Saylor.
The video game retailer experienced a surge in stock value following Tuesday’s announcement that its board had greenlit a plan to incorporate Bitcoin into its treasury reserves. This was followed by a Wednesday filing outlining the proposed bond sale, the proceeds of which will be used for various corporate purposes, including the purchase of Bitcoin.
Based in Grapevine, Texas, GameStop is marketing the bonds with a conversion premium ranging from 35% to 40%, according to sources familiar with the arrangement who preferred to remain anonymous due to the confidential nature of the information. The convertible bonds, which mature in 2030, will partially finance Bitcoin acquisitions, as confirmed in the filing.
Trump’s SEC Nominee Pledges “Rational” Crypto Regulation
Paul Atkins, President Donald Trump’s candidate to lead the U.S. Securities and Exchange Commission, committed on Wednesday to fostering a regulatory environment that supports the crypto sector and prevents political interference from “stifling” capital formation, according to prepared remarks released by the Senate.
“A key priority for me as chairman will be to work alongside my fellow Commissioners and Congress to establish a strong and sensible regulatory structure for digital assets, founded on rational, coherent, and principled foundations,” Atkins stated in his prepared testimony.
Atkins is scheduled to appear at a Senate confirmation hearing this Thursday.